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Leadership in AI 2021: Boards, Barriers and New Beginnings Research Report by Board Agenda & Mazars in Association with INSEAD Corporate Governance Centre

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Leadership in AI 2021: Boards, Barriers and New Beginnings Research Report by Board Agenda & Mazars in Association with INSEAD Corporate Governance Centre Leadership in AI 2021: boards, barriers and new beginnings Research report by Board Agenda & Mazars in association with INSEAD Corporate Governance Centre BOARD AGENDA GOVERNANCE | STRATEGY | RISK | ETHICS Contents Executive summary ............................................................................................................................................................ 3 Forewords Mazars ..................................................................................................................................................................... 4 INSEAD Corporate Governance Centre .................................................................................................. 5 Methodology ........................................................................................................................................................................... 6 Key findings............................................................................................................................................................................... 8 Covid-19 and demand for increased efficiencies is driving interest in AI ........................................... 8 Poor boardroom knowledge and a lack of skills are limiting AI use ................................................... 9 AI applications: the rise of customer experience ............................................................................................. 10 The benefits of AI: efficiencies and reduced risk are just the start ........................................................ 11 The boardroom bottleneck: AI skills and knowledge are lacking .......................................................... 12 Barriers to AI entry: an overview of constraints .............................................................................................. 13 A cultural challenge: the ethics of AI ...................................................................................................................... 14 Conclusion ................................................................................................................................................................................ 15 Key questions for boards .............................................................................................................................................15 2 Leadership in AI 2021 | BOARD AGENDA Executive summary BOARD AGENDA ASKED chief executive officers, chief finance officers, board chairs, executive and non-executive directors and company secretaries about their experiences with artificial intelligence (AI) technologies. We aimed to gauge the level of adoption and the perceived benefits of AI but also the constraints and potential impacts of AI on businesses and their cultures. It is clear that despite considerable interest in AI and an expectation that over two- thirds of organisations will implement some level of AI in the next 12 months, many organisations and boards lack the knowledge and skills to make this happen. Legacy IT systems and poor data (37%), unclear business value (33%) and a company culture resistant to AI (31%) are also undermining AI adoption. However, there is growing optimism in AI’s ability to impact key areas such as customer service and experience, as well as finance and accounting, operations and R&D. The challenge for boards is how to identify which areas will have the maximum impact and how to measure value in any investments. AI can have a multitude of benefits including reduced costs, efficiency gains, innovation and improved service delivery, but there is a gap between perceived values and actual AI implementation and ROI. The challenge for boards is to gain knowledge and understanding to drive AI automation in areas where they can get the most bang for their buck and actively transform their organisations into dynamic, data-centric businesses fit for the challenges that lie ahead. AI in numbers • 73% of respondents agree/strongly agree they are going to implement AI in next 12 months. • 67% agree/strongly agree they will encounter strategic risks and poorer performance if they do not integrate AI. • 72% say AI development plans are approved by the board. • 67% cannot confirm the board or senior management keep up to speed with AI services and relevant legislation. • 74% cannot confirm the board or senior management have assessed the skills and training required for AI. • 77% cannot confirm that the board and senior management are sufficiently skilled and knowledgeable about technology and AI and its implications for business and industry. • 76% agree/strongly agree there are significant ethical or cultural changes within firms which will need to be carefully managed. • 80% believe there are constraints on adoption of AI—73% say this is due to lack of skills and 65% due to lack of understanding. • 54% agree or strongly agree the pandemic has accelerated the adoption of AI. BOARD AGENDA | Leadership in AI 2021 3 Forewords Anish Venugopal, head of data & automation, Mazars UK and Asam Malik, partner and head of technology consulting & assurance, Mazars UK IF THERE IS one thing we have all learned over report, recognition, understanding and a plan of the past year, it’s that we should take nothing implementation are very different challenges. for granted. As the pandemic has dramatically re-shaped lives and impacted the fundamental It is perhaps a symptom of rapid technological workings of businesses, everyone has had to adapt. advancement that many boards are struggling to fully understand AI. There would appear to For boardrooms, this has meant digesting be a considerable knowledge gap at the top of new information quickly and reacting at organisations about its transformative capacity unprecedented speeds. This, in itself, has been and application. The impact of AI on business an education and in many ways, one that should will be considerable, so a lack of understanding stand board members in good stead when faced on boards will not only cause constraints but also with the onslaught of change we all expect to significant risks for organisations. encounter in the near future. And by far the biggest technological challenge in the coming The study reveals that 80% of organisations already months will be managing the implementation and believe there are constraints on AI adoption, such expectation of AI technologies. as lack of skills (73%) and a lack of understanding (65%) but a further 67% cannot confirm that the The pandemic after all, has accelerated interest in board or senior management are keeping up to automation as businesses have recognised the value speed with AI services and relevant legislation. of leveraging technology and not relying on staff to be physically be in an office to run the business. A total of 74% cannot confirm that the board and senior management are skilled and sufficiently This recognition of the value of AI at board knowledgeable about technology and the level is significant but as we have found in our implications for business and industry. This illustrates a clear gap in boardroom capability to navigate the complex challenges ahead. As a result, the outlook for successful AI adoption in the UK remains a little bleak, despite the fact that 73% of organisations claim they will implement some form of AI in the next 12 months. Organisations could be prone to expensive errors unless boardrooms and management can increase their knowledge and understanding, to ensure that any AI adoption has clear return on investment and value to the on-going and future plans of the business. This is not an easy challenge but for any organisation that wants to leap forward post- pandemic and build resilience and growth, meeting that challenge will determine their future. 4 Leadership in AI 2021 | BOARD AGENDA Forewords Professor Theodoros Evgeniou, professor of technology management and decision sciences, INSEAD; member of the OECD Network of Experts on AI; advisor at the BCG Henderson Institute; World Economic Forum (WEF) expert for AI Governance and Leadership AS THE SPEED of artificial intelligence innovation and data-driven business transformation accelerates, boards and executives struggle to grasp how these technologies will impact their business. While AI can enable new business models, products, revenue streams and efficiencies, it is also a source of new risks. Our study reports that 72% of board chairs, directors, CEOs, CFOs and other executives confirmed that AI plans are approved by the board, yet at the same time 78% of respondents could not confirm that the board and senior management sufficiently understand the implications of these technologies for the business and industry—let alone for society or geopolitics. This knowledge gap is not limited to the top of the organisation: 76% of respondents identified lack of skills in their organisation to be the key barrier to the adoption and deployment of AI. How can boards and executives understand and leverage “the art of the possible” while managing “the risks of what is possible” with AI? it from scratch, fully leveraging the power of AI, data and other technologies to maximise impact?” The challenges facing business leaders are, in part, a result of the accelerating rate of change in If they are to control their technology-driven the field. AI is not simply transforming existing destinies, organisations must develop new markets and industries, but also creating new capabilities at all levels to enable data-driven ones.
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